Things are not looking all that great for the cryptocurrency markets right now. Yesterday’s “fake’ news regarding Chinese regulators looking to ban all exchanges has created a lot of fear among cryptocurrency holders. This has had a negative effect on virtually all currencies in the top 20. The Bitcoin price, for example, dropped by nearly 8% due to this news.
It is not entirely surprising to see the Bitcoin price respond negatively thanks to yesterday’s China’s news. More specifically, there is still some uncertainty regarding what the regulation entails exactly.
Some sources claim all exchanges will be banned from operating, whereas other news sources indicate this is just a misunderstanding based on the news regarding China’s ban on initial coin offerings. It is hard to make sense of it all, but for now, major Chinese as exchanges are still operating as normal.